08 April 2015
Is there any option through which an individual can file his/her income tax return of FY 2012-2013 on nil return(no refund no tax)for the purpose of loan. Can he/she do this?
08 April 2015
1. Prepare the Income tax return manually. 2. Visit the Income Tax ward along with ITR, PAN card (original and photo copy). 3. File the return in the tapaal section. 4. Obtain the ack
Some ITO ask for original pan card for verification and photo copy as attachment to ITR
'Nil return' will not accepted by the ITO. Therefore, you have show atleast Rs. 100 tax liability and pay by way of self assessment tax
08 April 2015
Shiva ji, FOR FY 12-13 no tax upto Rs: 1.80 lac. If I show 1.80 lac in ITR, In this case there will be no tax liability. Can I do this by filling manual ITR under tapal section.
08 April 2015
Dear Neha.. For online return filing, you can upload the 'nil return' directly in your login. However, in case of physical return, the department will not accept 'nil' return. In case, you submit in the tapaal, they will return to you only.
Thats by, show the tax liability of Rs. 200/- or more.
Pay by self assessment tax and prepare the physical return
08 April 2015
Any way, you are filing the return for the purpose of loan, therefore, i think, it is necessary to show income exceeds the threshold limit and pay the tax thereon.
In case of 'nil' return, the bank may be reject your loan application.
10 April 2015
Shiv Ji,I said FY 2012-2013 above means AY 13-14. Can I file return online of FY 12-13? Next As u said above that FY 11-12 can be filled manually. Is it? I have a refund of FY 11-12 as I was informed by my friend that filling return time has been lapsed for FY 11-12 up to 31.03.2014. That's why I couldn't file online as well as manually. So I want to know return(Original & Manual can be filled for FY 11-12 in refund cases?
10 April 2015
For refund of AY 12-13 (FY 2011-12), you can file return manually and file application of condonation of delay in before the commissioner.
The commissioner has power to condon or reject the application. In case, you receive the condon of delay from commissioner, then AO will issue refund
For AY 2013-14, the due date is 31st Mar, 2015. So, you cannot file electronically.
10 April 2015
Shiv ji, Manually return I can file under tapal section for AY 2013-14 but will have to show some liability even 100 or 200. In future would there be any chances to receive notice with Penalty of Rs 5000/- for late filling of return of AY 13-14, however during AY 13-14 there is no tax liability as per actual calculation but as u said there should be liability of tax even Rs 100 in paper return?
There is possibility to get notice from AO. However,I can't give correct answer. Because, I filed many itr as belated return for the purpose of visa, loan, etc. But, I never received any notice in relation to such belated return.
However, one of my client has received notice, though such return filed by some other chartered accountant.
Finally, I appear before the AO and submitted my application and view in writing. AO shouted and told me to get-out but I demanded for written reply by way of order. Finally, he told me that, he will forward my application to the commissioner, then commissioner will take the decision.
Further he told me that, he send the order by post. But, after 1 and half year, no order received from AO.
When I appear before the AO, he told me that, he received a circular from commissioner, thats by he send notice to all defaulted assessee. Otherwise, he never has intention to send notice.
So, It is very difficult to answer your question. I can suggest you, to file the return and forget. In case, you receive the notice, call me on 9980195919. I will suggest, how can you file reply to the notice.
11 April 2015
Shiva Ji, I am not madam but a student. By the way thanks a lot for you open reply. You just poured out your answer what u have. I think I have pestered you by my question. I m noted down your no shall be in touch with you. Once again thanks.
CAclubindia
